Wheat is showing mixed trade, with SRW contracts the strongest and KC the weakest so far on Tuesday morning. The wheat complex posted Monday gains, despite a weaker export data. Spillover support from the corn and beans was supportive. Chicago SRW contracts were 11 3/4 to 15 1/2 cents higher on Monday. Open interest was up 2,692 contracts on Monday. There were 3 deliveries against Chicago wheat overnight, with 1 against July KC wheat. KC HRW futures were up 7 ½ to 12 ¾ cents at the close. OI rose 5,693 contracts. MPLS spring wheat was 8 ½ to 11 ¼ cents higher on the day.
NASS Crop Progress data showed 59% of the US winter wheat crop harvested by Sunday, 8% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index up 1 point to 262. That was the final rating for the crop. The spring wheat crop was 54% headed, in line with the 5-year average pace. Spring wheat conditions were 57% gd/ex, down 2%, with the Brugler500 index 1 point lower to 354.
The weekly Export Inspections report showed wheat shipments of just 133,652 MT (4.91 mbu) in the week of 7/2. That was a 66.38% drop from the week prior and 74.44% below the same week last year. Mexico was the largest destination of 60,524 MT, with 35,224 MT shipped to Ecuador and 29,088 MT to Colombia. Shipments for the marketing year are now at 1.51 MMT (55.3 mbu) of wheat, which is 19.36% below the same period last year.
The delayed Commitment of Traders report from CFTC showed managed money trimming 2,176 contracts from their net short to 69,030 contracts in CBT wheat as of last Tuesday. In KC wheat, spec traders were flipping back to net long of 6,910 contracts, a move of 8,195 contracts on the week.
Jul 26 CBOT Wheat closed at $6.06, up 15 1/2 cents, currently up 3 1/4 cents
Sep 26 CBOT Wheat closed at $6.14, up 14 1/4 cents, currently up 1/2 cent
Jul 26 KCBT Wheat closed at $6.38 1/2, up 11 1/2 cents, currently down 3 1/2 cents
Sep 26 KCBT Wheat closed at $6.49 3/4, up 11 1/4 cents, currently down 1/2 cent
Jul 26 MIAX Wheat closed at $5.92 1/2, up 1 1/2 cents, currently down 1/4 cent
Sep 26 MIAX Wheat closed at $6.30 1/2, up 10 3/4 cents, currently up 2 1/4 cents
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
For more information please view the Barchart Disclosure Policy
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